Oil falls as Saudi, Russian output rises

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Eshaq Jahangiri made the comments Sunday in a televised speech.

Esmaeili said a number of Iranian economic agents and representatives of private sector would also accompany President Rouhani to hold talks with their Swiss and Austrian trade partners. The U.S. wants to cut Iran's oil export, but everyone, with even a limited knowledge of worldwide affairs, knows that such thing is impossible, the official added.

Meanwhile, Iranian Oil Minister Bijan Zanganeh sent a letter to the Organisation of Petroleum Exporting Countries (OPEC) asking its members to adhere to the group's agreement reached last month to collectively raise output and "refrain from any unilateral measures" that could undermine the unity of the producer group.

"The (Iranian) government has a plan. and God willing we are certain that we will be able to sell as much oil as we want", he said.

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At the time, the Trump administration gave foreign companies either 90 or 180 days to wind down their business with Iranian counterparts, depending on the type of commercial activity.

His remarks came in the light of his controversial decision earlier this year to pull America out of the Iran nuclear deal and reimpose sanctions - a move strongly opposed by Europe.

On Sunday, in an interview with Fox News' "Sunday Morning Futures with Maria Bartiromo", Trump reiterated his call on Saudi Arabia to raise production to a new record, arguing that it should help the United States lower fuel prices since Washington is helping Riyadh in its struggle against Tehran.

European countries have been attempting to negotiate exemptions for their firms, but the official confirmed that US President Donald Trump intends to stick to his deadline.

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On Tuesday a senior State Department official described tightening the noose on Tehran as "one of our top national security priorities".

"Yes, of course. That's what we're doing".

Trump, who is spending the weekend at his golf property in New Jersey, said in a tweet on Saturday that Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud of Saudi Arabia had agreed to produce more oil.

Iran and Saudi Arabia broke off diplomatic relations in 2016 and are locked in several proxy wars in the Middle East, including in Yemen.

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Iran's First Vice President Eshaq Jahangiri on Sunday warned its rival OPEC producer Saudi Arabia it would never take Tehran's "place" on the global oil market.

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